The information available on the Internet and real estate sites such as Realtor.com, Trulia, and Zillow make it very easy for both buyers and sellers to research real estate information. Closed sales provide actual sale prices while listed property pricing can reflect realistic pricing or “hopeful” pricing. With so much information readily available on-line, the single most important factor to consider when setting a list price, is pricing it realistically. You don’t want to overprice the home because it will limit the number of showings and become stale since it will remain on the market for too long a period of time. A local case in point was a waterfront property on one of the Las Olas Isles that recently sold for $18.85 million after being on the market since 2016 with an original list price of $40 million. Pricing is also determined by supply and demand. Limited inventory will drive up prices and oversupply will drive prices lower. Also, impacting pricing and the eventual sale price is the condition of the home. Improvements that add value and enhance appearance will also impact sale price. Closing open permits and addressing items that need repair will go a long way toward achieving a faster close at the best possible price.
On another note, The Bahia Mar redevelopment plan for the resort and marina was approved by the Fort Lauderdale City Commission on December 6th. The city approved both the development plan and an amendment to the city lease to permit the project. The projected redevelopment will take between eight to ten years and work will stop during the annual boat show, which will remain on site.
The Fort Lauderdale real estate market in 2017 was robust and 2018 should be even better. A report from PriceWaterhouseCoopers and the Urban Land Institute noted Fort Lauderdale’s availability of multifamily and single family housing, availability of industrial properties, a robust local economy, employment opportunities, investor confidence, and capital availability as all positive signs for continued population growth and economic expansion.